A Nobel Prize-winning economist says Trump's tax plan won't crash the economy

Business Insider senior political correspondent Josh Barro sits down with Paul Krugman, a Nobel Prize-winning economist and distinguished professor of economics at the City University of New York. Krugman says that, overall, the tax bill won't have a pronounced negative effect on conditions in the US. He thinks that when the economy is near full employment, we should pay down debt and not run up additional obligations, but ultimately doesn't see any sort of crisis resulting from it.

Further, Krugman doesn't attribute the recent run up in stocks to the GOP tax bill. He notes that stocks are up about the same amount all around the world, which is certainly not specific to Trump.